Question : The process of comparing actual performance with planned performance is known as:
Option 1: Forecasting
Option 2: Monitoring
Option 3: Controlling
Option 4: Analyzing
Correct Answer: Controlling
Solution : The correct answer is (c) Controlling.
Controlling is a management function that involves monitoring and evaluating the performance of an organization or individual against predetermined standards or objectives. It includes comparing actual results with planned targets, identifying any deviations or variances, and taking corrective action as necessary. The controlling process aims to ensure that activities are carried out as intended, performance is on track, and goals are achieved effectively and efficiently.
Question : Which management function involves comparing actual performance with planned performance?
Option 1: Planning
Option 2: Organizing
Option 4: Directing
Question : The process of comparing the actual results of a budget to the planned results is known as:
Option 1: Budgetary control
Option 2: Budgetary analysis
Option 3: Budgetary implementation
Option 4: Budgetary evaluation
Question : What is the second step in the controlling process?
Option 1: Setting performance standard
Option 2: Measurement of actual performance
Option 3: Comparison of actual performance with standard
Option 4: Analysing deviations
Question : What is the fourth step in the controlling process?
Question : What is the first step in the controlling process?
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